I am afraid that most smaller market participants are no longer interested in the underlying fundamentals and that the discussion we are having does not inspire them at all. When you are watching contrarian market moves for 5-8 years in a row, what sense does it make to study a variable that doesn't matter: fundamentals.

Knowing that there are black pools playing the markets is bad enough. Now Jim Sinclair adds the following remarks: "Gold is the most manipulated market on the planet. Painting charts to accumulate has been a fact since 2003. China is a master painter of the world cash gold chart. That is why in this entire gold bull market every major up move in gold has been proceeded by a horrid technical formation or break that reversed out of nowhere."

I console myself with the idea that eventually each and everyone of these huge market forces wants the same thing: hard assets. Next, I realize that to get to the kind of depressed share price that companies like Golden Minerals are enduring, there must be a normal and naked short position which is many times bigger than what we can imagine. Finally, I expect that when the end game starts and short positions are being covered, normal market incentives like intrinsic value and profit will return, and the hard headed people that stuck to their "rationale" will make the profit that they deserve.

That is why fundamentals do matter.